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We got our first glimpse of Tyco's (NYSE:TYC) three pieces this morning: Covidien (Healthcare), Tyco (Fire and Security) and Tyco Electronics. It doesn't appear that any of the three pieces are mispriced by more than 10%.

Covidien is going for $49, a few bucks under our value estimate. Tyco Electronics looks the most undervalued, at $37.60 versus a low $40's estimation. Tyco looks overvalued to us at $50.60. The sum of the parts are going for $34.29 versus $34.19 for old Tyco shares.

Of course, the when-issued market remains thinly traded and typically is volatile. A half-hour after the market open, Covidien's when-issued stock has traded less than 14,000 shares. This for a company with a market valuation of $25 billion. So it's worth watching all the when-issued securities for the next couple of weeks, as the volatility could create bargain prices. This offers small investors have a huge advantage over larger, less liquid types.

TYC 1-yr chart: